Regional firm Shoosmiths has unveiled a 67% leap in profits as the annual results reporting season gets firmly underway.

The firm made a £7.7 million profit on £55 million fee income, itself a 25% jump, taking the firm's average profits per equity partner up 66% to £226,500. It followed a dip in profits last year.


Chief executive Paul Stothard said: 'Income has grown continuously across all areas of the business. These results reflect the decisions taken as part of our strategic review two years ago, which included establishing a new office in Birmingham and investing in some key lateral hires to grow our teams and attract quality clients.


'Last year's dip in profits was due to the investment in Birmingham and the loss of contribution from the former Banbury office, which was transferred to Spratt Endicott in May 2002.'


Shoosmiths' new clients in the year included IKEA, Dreams plc and Thomas Cook.


Meanwhile, City firm Speechly Bircham has seen turnover up 5% to £25 million, with profitability up almost 10% to an average of £265,000 per equity partner. Corporate was the star performer on the back of private equity and banking expansion.


The firm said it had gained a number of FTSE 250 clients, such as the Game Group and Vedanta Resources for its corporate department, and Derwent Valley for its property group.


South-east firm ASB Law has announced an 8% rise in turnover to £18.1 million, with the private client and commercial groups the most successful areas.


Ricksons, which has offices in Manchester, Preston and Leeds, saw turnover hiked 42% to £9.1 million, partly from the acquisition of Manchester commercial firm Elliotts. The firm said profitability has been maintained. Managing partner Anthony Hughes said Ricksons is now looking to develop its Leeds office and 'grow our share of corporate work there'.